Question on selling a coin at a large coin show

ajaan · October 11, 2011 4:10AM

First, if the powers that be think this should be on the BST, please let me know and I'll post it there.

I have never sold a coin to a dealer at a large coin show. I've only attending a few major shows and I've only bought coins at them.

I want to sell a Cleveland Commem NGC MS66 with a green sticker on it at the Pittsburgh ANA show on Friday. This coin no longer fits into my collecting realm and I want to use the proceeds to spend at the show. I have a few questions.

1. How receptive are dealers to collectors who want to sell at a show?

2. Should I mainly offer the coins to dealers who deal in Commems or should I also offer to other dealers? Who is more likely to give me the most for the coin?

3. On average, what percentage back of bid do dealers pay? I know it depends on the coin, but is there a 'rule of thumb' for dealer buying? Is there a x% off bid dealers use?

Thanks for any information you can provide.

SoCalBigMark · October 11, 2011 4:13AM

I would tend to think someone who deals in commems with equal amounts of NGC and PCGS coins in his case would be best. On a side note, I don't even offer Anacs coins to dealers unless they have some in the case.

Kove · October 11, 2011 4:26AM

It's best to offer the coin to dealers with a lot of the same material in their case, commems in this example. This is because the dealer will likely re-sell the coin themselves, instead of wholesaling it off. If a dealer will wholesale it, they'll give a lower offer.

In terms of offers, the CAC sticker helps boost the value, but it still depends on what the coin looks like to see where the offers should fall relative to GS bid.

LindeDad · October 11, 2011 4:58AM

Kind of a side note is that you may get more using it in purchase of another item also for something that your looking for.

TomB · October 11, 2011 5:58AM

Good advice thus far. Also, be prepared to ask for what you want in terms of a sales price instead of asking for what they will pay. The difference is subtle, but important.

stman · October 11, 2011 6:02AM

<< On average, what percentage back of bid do dealers pay? I know it depends on the coin, but is there a 'rule of thumb' for dealer buying? Is there a x% off bid dealers use? >>

Yeah, you just need to price your coin and go from there. And hopefully you don't ask a dealer what % he pays back of bid. Then IMO, you are asking for and expecting a low offer.

paladin · October 11, 2011 6:14AM

Have a price in mind, and the first dealer that reaches it, sell to him. If you talk to lots of dealers and think you will go back to the one with the best offer, you just might find that when you go back to him his memory isn't as good as yours.

Greeniejr · October 11, 2011 6:53AM

This is a case 100% of what is your time worth. This is only a question you can answer because it is your time. With bid at $280, and assuming the coin is average to + for the grade most offers will be in the $230-$250 range. If you go to one of the big commem dealers like Certified Assets or whomever, you should get an offer in the range. If you walk the coin around the room all day you might get a hit at $260-$270 but would you prefer easy fast money or spending an hour or two when you could be looking for coins for your collection. In the end your upside is only an extra $20-$30 MAYBE. I know what I would do but that is just me.

ajaan · October 11, 2011 6:59AM

Thanks for all the advice so far.

<< Good advice thus far. Also, be prepared to ask for what you want in terms of a sales price instead of asking for what they will pay. The difference is subtle, but important. >>

Tom, I'm expecting this. Whenever I tried to sell a coin at a small local show, I always got the 'what are looking to get?" I know full well why dealers do this, they don't want to offer more than what the seller was willing to take; good business sense. I just don't want to price myself too low. I'm not expecting to make a profit on the coin, but at the same time I don't want to give it away.

DNADave · October 11, 2011 7:13AM

<< Good advice thus far. Also, be prepared to ask for what you want in terms of a sales price instead of asking for what they will pay. The difference is subtle, but important. >>

So true, and I learned it the hard way.

I thought it would be smart to shop the dealers by asking what they'd pay, and then take the best offer. It didn't work at all...
They all want you to throw out the price you'd take, first.

joebb21 · October 11, 2011 7:30AM

You mentioned the coin is stickered.

if it has a CAC sticker you should be getting very close to bid.

Maybe somebody here can post what CAC is willing to pay on it.
that should help you

RYK · October 11, 2011 7:52AM

Good luck selling a Cleveland in Pittsburgh.

The 'Burgh-verified people know exactly what I am talking about.

paladin · October 11, 2011 8:34AM

Ain't that the truth! Nearly 40 years ago I was watching the Steelers Raiders game at Higbees Dept Store in Cleveland when Franco Harris made the Immaculate Reception. I started cheering & jumping up & down, then realized the place was dead silent except for me, and everyone had turned away from the TV and was glaring at me. You just can't imagine the level of animosity that used to exist between Cleveland and Pittsburgh.

Staircoins · October 11, 2011 9:21AM

There is even a Wikipedia article about the Cleveland-Pittsburgh rivalry!

coindeuce · October 11, 2011 9:40AM

Why does everything about Cleveland - Pittsburgh have to revolve around NFL rivalry? They're both Rust Belt cities that I wouldn't live in or near.

_________

COALPORTER · October 11, 2011 9:49AM

The last show i attended a dealer gave me a written quote on what he would pay and incourged be to shop around to see if
i could get better offers. in the end, i went back to his table and sold all to him. what a first class dealer. !!

I have been turned down on lots of PCGS graded coins by all kinds of dealers, but i dont let it bother me. it's their business
what they buy. Like a good saleman, just keep going and dont waste time with loser dealers.

COALPORTER · October 11, 2011 9:51AM

<< You mentioned the coin is stickered.

if it has a CAC sticker you should be getting very close to bid.

Maybe somebody here can post what CAC is willing to pay on it.
that should help you >>

If it is CACed, cant he sell it to CAC for a published price. I thought the point was for CAC to
"make a market" on the coins they sticker?

PerryHall · October 11, 2011 10:11AM

<< 

<< You mentioned the coin is stickered.

if it has a CAC sticker you should be getting very close to bid.

Maybe somebody here can post what CAC is willing to pay on it.
that should help you >>

If it is CACed, cant he sell it to CAC for a published price. I thought the point was for CAC to
"make a market" on the coins they sticker? >>

Can someone post a link to their published buy prices?

stealer · October 11, 2011 10:21AM

I think you have to shop around a bit. I marketed to more than 10 dealers until one agreed to pay something that works out to be around 86% of ask.

It wasn't a particularly nice looking coin either.

The other dealers were offering bid prices and I figured it wouldn't hurt to see if anyone was willing to pay close to ask.

truthteller · October 11, 2011 10:22AM

Just keep in mind that if you get offered a fair price for your coin and 'pass', the dealer is no longer obligated to buy it at that price. It's one of those strategies that if you want more, be prepared to take less at the end of the day.

TRUTH

TwoSides2aCoin · October 11, 2011 10:24AM

I wasn't aware CAC stickered 3 figure coins.
This is shocking !

Question on selling a coin at a large coin show

Comments

Leave a Comment